高端钛合金领域第三家上市公司！金天钛业：年复合增长率超20%，性能不输国际巨头！

Investment Rating - The report indicates that Jintian Titanium Industry (688750.SH) is rated positively as the third listed company in the high-end titanium alloy sector in A-shares, with a compound annual growth rate (CAGR) exceeding 20% [1][3]. Core Insights - Jintian Titanium Industry has established itself in the high-end titanium and titanium alloy materials market, focusing on research, production, and sales since its strategic shift in 2006 [4][5]. - The company has a production capacity of 3,600 tons in 2023, with a significant portion of its products serving the aerospace sector, contributing to a market share of approximately 6.24% in the domestic aerospace titanium material market [15][18]. - The company has achieved a net profit margin close to 20%, although its revenue of 800 million yuan and net profit of 147 million yuan indicate a relatively small scale compared to competitors [16][24]. Summary by Sections Company Overview - Jintian Titanium Industry was founded in 2004 and initially focused on air and water purification equipment before pivoting to high-end titanium materials [4][5]. - The company is controlled by Hunan Xiangtou Jintian Technology Group, which also owns two other titanium product companies, ensuring a comprehensive supply chain without direct competition among them [5][7]. Market Position and Performance - The company primarily produces titanium and titanium alloy bars, forgings, and components, with bars accounting for about 90% of its revenue over the past three years [21][24]. - In 2023, Jintian Titanium's revenue from aerospace applications reached approximately 682.53 million yuan, representing 87.63% of total revenue [20]. Growth Potential - The report highlights a CAGR of 20% for Jintian Titanium's revenue since 2020, driven by the robust growth of the aerospace industry in China [24][28]. - The company has established long-term partnerships with major military and aerospace groups, enhancing its market stability and growth prospects [56][59]. Research and Development - Jintian Titanium has invested 119 million yuan in R&D over the past three years, with a research intensity comparable to its peers, indicating a strong commitment to innovation [43][44]. - The company holds 67 authorized patents, including 43 invention patents, showcasing its technological capabilities in the titanium alloy sector [44][49]. Future Outlook - The company plans to utilize the 662 million yuan raised from its IPO to expand its production capacity significantly, potentially doubling its output [60][61]. - The increasing demand for titanium alloys in military and civil aviation sectors, particularly with the introduction of new aircraft models, is expected to drive further growth [38][40].